Category Archives: OPEC

The Organisation of Petroleum Exporting Countries is a cartel of 12 oil producing countries and has been in operation for the past fifty years. Yesterday its members met in Vienna, ostensibly to agree to raise production levels in order to put supply more in line with current demand levels, and so lower prices. However, there appears to have been something … Continue reading →

Earlier this week the price of Brent Crude oil rose to $95 a barrel, which was the highest level for just over two years. Although this has fallen slightly since it is still a major cause for concern. There are pressures on both the demand and supply sides. The International Energy Agency has forecast that oil consumption will increase by … Continue reading →

According to the Organisation of Petroleum Exporting Countries (OPEC) the answer is “yes”. After prices fell last year from $150 a barrel to $30 a barrel, there has been a recovery. Yesterday, oil prices rose above $65 a barrel and the secretary-general of OPEC said that “We are beginning to see light at the end of the tunnel.” The organisation … Continue reading →

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